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May 23, 2024

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Plurilock (PLUR.V) receives US$2.5 million cybersecurity sale order

Plurilock Security Inc (PLUR.V) is a Canadian identity-centric AI cybersecurity solutions company. The cybersecurity company provides multi-factor authentication (MFA) solutions using behavioral-biometric, environmental, and contextual technologies.

Today, Plurilock announced it has received a US$2.5 million three-year sale order from a U.S. hospital system.

The sale, which provides several key enterprise cybersecurity capabilities, further expands a solution that the company initially delivered to the hospital system in October 2022. The sale was completed through the company’s Aurora East team, which was acquired as part of the Atrion Communications Inc. September 2022 asset acquisition.

“We’re excited to announce this US$2.5 million cybersecurity sale to a U.S. hospital system,” said Ian L. Paterson, CEO of Plurilock. “With New York becoming the first to announce cybersecurity requirements for hospitals, we expect hospital systems across the U.S. to continue to accelerate their cybersecurity investments. This transaction’s size, prominence, and the fact that it’s a repeat order to expand previously delivered capabilities all showcase how Plurilock can help hospital systems stay secure, the effectiveness of Plurilock’s exceptional Atrion team, and the broad success of our strategy to expand commercially through smart, laser-focused M&A activity.”

Cybersecurity is an increasing concern for healthcare and hospital systems, which have seen a rapid rise in cybersecurity attacks in recent years, putting the healthcare data of millions of patients at risk and leading in part to New York State’s proposed new cybersecurity rules for hospitals, published on December 6th, 2023.

This increasing risk trend in healthcare matches the trend across virtually all industries and points to the growing importance of cybersecurity for organizations of all kinds, both in North America and beyond.

TradingView Chart

The stock was showing signs of a bottoming with a range indicating selling pressure was exhausting. But as I mention in many articles, the close above the current lower high is key for a trend shift. This did not happen and thus the stock is continuing its downtrend.

New all time lows have been printed and the stock needs to close back above $0.05 to nullify the breakdown. The current lower high comes in at the $0.07 zone.

 

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